When you say "Just thought about this as I'm finalizing my 1065" are you referring to 1065 for a joint venture? or your LLC?If you LLC is SMLLC, you dont file 1065.
Usually, JV is treated as a partnership for tax purpose.
Looks like your joint venture is classified as a partnership. I am guessing you LLC is Single member LLC so disregarded for tax purpose.
Thus, the JV partnership would file a tax return (1065) and joint venture would give you both (not to your LLC because it is disregarded ) K-1s with your respective share of income that will be used to file your individual tax return.
Your JV will report an asset.
Based on your questions I recommend that you have a professional prepare your tax return this year. Good luck and let me know if I can be of assistance.
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